VanEck Merk Gold ETF · AMEX:OUNZ
VanEck Merk Gold ETF — IPO Roadshow (October 2026)
23 slides from VanEck Merk Gold ETF's IPO roadshow presentation, Oct 29, 2026
Slide 1: Gold in Q4: Navigating the Rate Decision
October 2026 Gold in Q4 Navigating the Rate Decision
Slide 2: Today's Speakers
Today’s Speakers Axel Merk President, Merk Investments Imaru Casanova Portfolio Manager, VanEck • Founder of Merk Investments • Expert on gold, macro trends and global markets • Built firm into a ~$3B investment advisor • BA (Economics), MSc (Computer Science) • Joined VanEck in 2011 • +20 years of
Slide 3: The Case for Gold in Q4 2026
The Case for Gold in Q4 2026 Portfolio Role Miners’ Value Gold’s Resilience • Fiscal and inflation risks building • Gold diversifies as regimes shift • Record margins, net - cash • Valuations lag gold and history • Held firm as real rates surged • Central banks still anchor demand 3
Slide 4: Gold's Held Despite Dramatically Stronger Real Rates
Gold’s Held Despite Dramatically Stronger Real Rates Gold vs. 10 - Year Real Interest Rate Gold ($/oz) 10 - Year Real Interest Rate $10,000 - 2.0 • Historically, real rates and gold have held a strong inverse relationship — that changed dramatically in 2022 when both real rates and gold started to m
Slide 5: Patience Has Paid: Gold's Rallied Amid Rate Hiking Cycles
Patience Has Paid: Gold’s Rallied Amid Rate Hiking Cycles Average Cumulative Return of Gold and Gold Miners Following Rate Hiking Cycles – 1983 to 2026 After first hike After final hike 60% • Since 1983, Fed hiking cycles have lasted 11 to 36 months (18 on average), making the current cycle's length
Slide 6: Divided Government Has Been Positive For Gold, Historically
Divided Government Has Been Positive For Gold, Historically Average 12 - Month Return of Gold Following Mid - Term Elections – 1970 to 2025 All years (1970 – 2025) 11.2% All midterms 13.2% …of which government went unified → divided 20.9% President's party lost a chamber (all) 17.1% • Since 1970, go
Slide 7: Central Banks Continue to Anchor Demand
Central Banks Continue to Anchor Demand Central Bank Net Purchases/Sales Net Sales Net Purchases 2026 Full - Year Estimate H1 2026 Actual 1,200 • Central bank purchases remain a key source of structural demand. • 2026 estimates suggest official - sector buying remains resilient. 1,000 850 800 600 40
Slide 8: ETF Flows Returning, But Plenty of Room to Build
ETF Flows Returning, But Plenty of Room to Build Total ETF Holdings of Gold vs. Gold Price – 2006 to 2026 Total ETF Gold Holdings (Millions of Oz) Gold Price ($/oz) 135 • ETF gold holdings remain below prior cycle highs. • Renewed inflows could provide incremental support for gold prices. $5,000 Tot
Slide 9: Miners Can Work Across Multiple Gold Scenarios
Miners Can Work Across Multiple Gold Scenarios Gold Pullback Rangebound Gold Rising Gold Scenario Gold declines, but remains above levels implied by current valuation assumptions Gold consolidates near recent levels Gold continues higher from record levels Gold Price Environment Resilient performanc
Slide 10: Capturing Historically Strong Margins
Capturing Historically Strong Margins Gold Mining Industry – Historical All - In Sustaining Costs (AISC) vs. Average Gold Price AISC (US$/oz) Spot Price (US$/oz) $5,000 • Gold prices have risen far faster than mining costs. $4,500 $4,000 $3,500 • Elevated margins may support cash flow, balance sheet
Slide 11: Miners Have Attractive Balance Sheets
Miners Have Attractive Balance Sheets Senior Gold Producers’ Net Debt and Net Debt/EBITDA – 2008 to 2025 Aggregate net debt (US$bn) Net debt / EBITDA (x, rhs) 35 2.5x • Senior producers have cut aggregate net debt from roughly $30 billion at the 2014 peak (over 2x EBITDA) to a net cash position in 2
Slide 12: Valuations Remain Below Long-Year Average
Valuations Remain Below 15 - Year Average Gold Miners: 15 - Year Valuation Multiples – Range vs. Average vs. Current Range Average Current 20 • Gold miner multiples remain below long - term averages. • Current valuations suggest the sector may not fully reflect stronger fundamentals. 18 16 14 Multip
Slide 13: Gold Miners Still Trade at a Discount to Gold
Gold Miners Still Trade at a Discount to Gold Gold Miners Premium/Discount to Gold Premium/Discount to Gold Price (%) Gold Price ($/oz) $5,500 From 2000 to December, 2007 Period of Capital and Operating Issues premium to bullion was 40% - 240% $5,000 $4,500 • Gold equities have gone from a premium (
Slide 14: The Case for Gold in Q4 2026
The Case for Gold in Q4 2026 Portfolio Role Miners’ Value Gold’s Resilience • Fiscal and inflation risks building • Gold diversifies as regimes shift • Record margins, net - cash • Valuations lag gold and history • Held firm as real rates surged • Central banks still anchor demand 14
Slide 15: VanEck's Gold Solutions
VanEck’s Gold Solutions Physical Gold • Direct gold exposure with ability for physical delivery • Potential to act as a hedge against inflation and currency debasement risks • Optional delivery and proprietary coin/bar conversion process OUNZ¹ VanEck Merk Gold ETF Gold Miners (Active) • Leverage to
Slide 16: VanEck Merk Gold ETF (OUNZ)
VanEck Merk Gold ETF (OUNZ) VanEck Merk Gold ETF provides investors with a convenient and cost - efficient way to buy and hold gold through an exchange - traded product with the option to take physical delivery of gold. Its primary objective is to give investors an opportunity to invest in gold thro
Slide 17: VanEck International Investors Gold Fund (INIVX)
VanEck International Investors Gold Fund (INIVX) VanEck International Investors Gold Fund seeks long - term capital appreciation by investing in common stocks of gold - mining companies; income is a secondary consideration. An actively managed portfolio, with a nearly 60 - year track record, that pr
Slide 18: VanEck Gold Miners ETF (GDX)
VanEck Gold Miners ETF (GDX) VanEck Gold Miners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketVector Global Gold Miners Index (MVGDXTR), which is intended to track the overall performance of companies involved in the gold mining
Slide 19: Index Descriptions
Index Descriptions These indices do not reflect the performance of a fund . All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in a fund . Certai
Slide 20: Disclosures (OUNZ)
Disclosures (OUNZ) This material is for informational purposes only . The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice . Certain statements contained herein may constitute projections, forecasts and other forward looking statements,
Slide 21: Disclosures (INIVX)
Disclosures (INIVX) This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments, or digital assets mentioned herein . The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice, nor any
Slide 22: Disclosures (GDX)
Disclosures (GDX) The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice . Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as o
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